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Texas Financial Literacy Review Flashcards | StudBud
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Texas Financial Literacy Review
Texas Financial Literacy Review
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Answers
1
Which of these is
NOT
an example of property tax?
tax paid on a piece of furniture
tax paid on the value of land
tax paid on the value of a home
tax paid on the value of a farm
2
Suzanne bought a rug for her home. Which tax did she pay as part of the total cost for the rug?
payroll tax
sales tax
income tax
property tax
3
Penelope earns $450 a month. Her list of expenses is shown below. What change can Penelope make to balance her budget?
Decrease her budgeted amount for clothing by $10.
Increase her budgeted amount for savings by $20.
Decrease her budgeted amount for entertainment by $20.
Increase her budgeted amount for food by $10.
4
Spencer needs to balance his April budget listed below. What should he do to balance his budget?
Decrease his piano lessons by $5.
Increase his savings this month by $10.
Decrease hiks entertainment costs by $10.
Increase his allowance by $5.
5
Which situation below is
NOT
an example of sales tax?
Buying a Coke at Walmart.
Paying for Door Dash to bring your meal to your house.
Paying for deductions on your paycheck.
Eating at a restaurant.
6
The Perez family has a net income of $3620. What could be the amount they can put into savings & have a balanced budget?
$1310
$710
$600
$720
7
Which type of tax is based on how much money a person earns in one year?
sales tax
work tax
income tax
payroll tax
8
Maria works 15 hours a week at a movie theater. She earns $8 an hour. Which statement about her weekly income is true?
Her net income is less than $120.
Her net income is more than $120.
Her gross income is less than $120.
Her gross income is more than $120.
9
Rosa's salary is $450 dollars a week. Her net income is $385. How much did she pay in deductions? Answer in numbers only
70
75
65
60
10
A definition of a financial term is show below. Which term best fits this definition?
gasoline tax
property tax
sales tax
payroll tax
